Block Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Condensed Consolidated Statements of Operations (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue: | ||
| Transaction-based revenue | $1,511,209 | $1,422,705 |
| Subscription and services-based revenue | 1,682,294 | 1,366,224 |
| Hardware revenue | 32,501 | 37,451 |
| Bitcoin revenue | 2,731,124 | 2,163,751 |
| Total net revenue | 5,957,128 | 4,990,131 |
| Cost of revenue: | ||
| Transaction-based costs | 873,165 | 820,787 |
| Subscription and services-based costs | 269,668 | 264,092 |
| Hardware costs | 50,785 | 58,785 |
| Bitcoin costs | 2,651,010 | 2,113,375 |
| Amortization of acquired technology assets | 18,027 | 18,508 |
| Total cost of revenue | 3,862,655 | 3,275,547 |
| Gross profit | 2,094,473 | 1,714,584 |
| Operating expenses: | ||
| Product development | 720,574 | 626,937 |
| Sales and marketing | 443,885 | 496,011 |
| General and administrative | 471,260 | 432,825 |
| Transaction, loan, and consumer receivable losses | 165,729 | 127,896 |
| Amortization of customer and other acquired intangible assets | 43,282 | 37,087 |
| Total operating expenses | 1,844,730 | 1,720,756 |
| Operating income (loss) | 249,743 | (6,172) |
| Interest income, net | (18,745) | (3,161) |
| Other income, net | (237,824) | (77,717) |
| Income before income tax | 506,312 | 74,706 |
| Provision (benefit) for income taxes | 35,492 | (21,122) |
| Net income | 470,820 | 95,828 |
| Less: Net loss attributable to noncontrolling interests | (1,185) | (2,488) |
| Net income attributable to common stockholders | $472,005 | $98,316 |
| Net income per share attributable to common stockholders: | ||
| Basic | $0.77 | $0.16 |
| Diluted | $0.74 | $0.16 |
| Weighted-average shares used to compute net income per share attributable to common stockholders: | ||
| Basic | 616,401 | 602,234 |
| Diluted | 637,360 | 623,579 |
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